High-Rise Apartment
For Sale
Contact for pricing
320 North 22nd Street, Omaha, NE 68102
132-unit high-rise adjacent to Creighton University, supporting student and workforce housing needs.
Property Size75,240 SF
Price / SF$103.67
Days on Market100
Property Features for 320 North 22nd Street
General Information
Standard status
Active
Size
75,240 SF
Class
C
Property subtype
Multifamily
Zoning
CBD-ACI-1(PL)
Investment Type
Value Add
Additional Details
Multifamily Units
132
Building Details
Year Built
1951
Stories
12
Units
132
Tenancy
Multi
Listing Agency:
Oak Investment Real Estate
Listed By:
John Heine · License #NE 20051167
(402) 702-2706
Source:
Crexi
Added: May 27
Changed: Aug 22
Last Checked: Sep 1 at 6:18AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Oak Investment Real Estate
Investment Insights
Based on property information with market context.
Capitol Hill Apartments is a 132-unit high-rise apartment community. The property is positioned to serve tenant demand connected to education and employment, with a configuration designed to accommodate a mix of student and workforce renters.
The asset is located in Downtown Omaha and is adjacent to Creighton University. Public remarks also note strong visibility and immediate access to Omaha’s primary employment and educational anchors, positioning the community within reach of key day-to-day destinations for residents.
For tenants seeking convenient proximity to university and job centers, the high-rise, multi-unit setup offers an established residential option in a concentrated market area. For buyers or operators, the property’s unit scale and adjacency to an educational anchor are practical considerations for underwriting a residential income strategy focused on student and workforce housing demand.
The asset is located in Downtown Omaha and is adjacent to Creighton University. Public remarks also note strong visibility and immediate access to Omaha’s primary employment and educational anchors, positioning the community within reach of key day-to-day destinations for residents.
For tenants seeking convenient proximity to university and job centers, the high-rise, multi-unit setup offers an established residential option in a concentrated market area. For buyers or operators, the property’s unit scale and adjacency to an educational anchor are practical considerations for underwriting a residential income strategy focused on student and workforce housing demand.
Key Highlights
- 132‑unit high‑rise apartment community
- Adjacent to Creighton University in downtown Omaha
- Year built: 1951
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$606,329
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.77%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$12,126,580
$12.1M
Cap Rate 7%
$8,661,843
$8.7M
Cap Rate 9%
$6,736,989
$6.7M
Market Conditions
NOI Build-Up for 75,240 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$1.19M $15.84/SF
− Vacancy
−$89.4K −$1.19/SF
EGI
$1.10M $14.65/SF
− OpEx
−$496.1K −$6.59/SF
NOI
$606.3K $8.06/SF
Area
Omaha, NE
Vacancy
7.50%
Lease Rate
$15.84 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$12,126,580
Cap Rate 7%
$8,661,843
Cap Rate 9%
$6,736,989
Alternative Uses
Best Use
Apartment 5plus
$8.66M
$7.58M – $10.11M
NOI $606,329 @ 7.0% cap · market cap 7.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$19.80M
$17.32M – $23.09M
NOI $1,385,668 @ 7.0% cap · market cap 17.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
132
Residential units
Location Intelligence
Trade Area within ½ mile
2,929
Businesses Nearby
Explore this area
Business Placement
Demographics for 68102, NE
9,130
Population
5,922
Households
1.5
Avg Household Size
33
Median Age
51%
College-Educated
93%
High-School Grad
1.8 sq mi
ZIP Area
5,072
Density / Sq Mi
$60,525
Median Household Income
$46,309
Median Earnings
$1,242
Median Rent
$350,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - 132-unit high-rise adjacent to Creighton University, supporting student and workforce housing needs.
Where is this apartment building located?
The property is located at 320 North 22nd Street Omaha, NE.
What is the asking price?
The asking price for this property is $7,800,000.
What are key features of this property?
This property features: 132‑unit high‑rise apartment community; Adjacent to Creighton University in downtown Omaha; Year built: 1951
